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Blackstone boss bashes Sarbanes-Oxley Act

Blackstone boss bashes Sarbanes-Oxley Act

by Rick Turoczy on June 15, 2006

“It’s a terrible thing for the U.S.,” Schwarzman said, speaking at a mergers and acquisitions conference on Thursday hosted by media group The Deal and the International Bar Association. Schwarzman acknowledged his firm and industry benefit from Sarbanes-Oxley.

Schwarzman called Sarbanes-Oxley, named after the politicians who sponsored it, a well intentioned response to corporate excess.

But certain elements of the law, particularly Section 404 that requires companies and outside auditors to confirm effectiveness of internal accounting controls, cause enormous burdens and prompt companies to be “fearful,” Schwarzman said.

Blackstone boss bashes Sarbanes-Oxley Act

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